tv Business - News Deutsche Welle November 28, 2017 6:15pm-6:31pm CET
now a day after revealing the engagement britain's prince harry and his american feel same economical have announced a few details of their wedding plans in a chapel at windsor castle in might they start a castle is one of the queen's main residences and is reportedly a special place for the couple a spokesperson says the wedding will reflect the characters of the bride and groom economical will also be baptized and confirmed into the church of england before the wedding and plans to become a british citizen. is this day w.'s life from balance tells account they enter that currency bitcoin souls to new heights trading at nearly ten thousand dollars a piece but it's becoming the stuff of the future or is it doomed to crash. and fizzled and we'll have a very shortly i'll have more news feel of the top of the top of the day.
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ten thousand dollars a good time to buy or if you've missed the boat. and the o.e.c.d. says strong global growth won't be here to stay it warns we've got wind under the wings we're flying low. i'm dead as well and let's do business because it is about to set another record last weekend the price soared through the nine thousand dollar mark a coin is the best known of thousands of crypto currencies their digital payment systems in which the currency is created on privately owned computers using a technology called block chain bypassing central banks these currencies can undermine monetary policy and it best design protected central bank as one big coin has no tangible value of value and is destined to crash it's value is determined entirely by supply and demand so it's very sensitive to market developments in china decided to band bitcoin exchanges back in september its value slumped by
thirty percent as you can see there in red but soon more than doubled again. because one has never ceased to surprise markets and now they want to cash in on the rush the world's largest derivatives market place the chicago mercantile exchange group says it will start offering bitcoin futures by the end of the year in recent days three hundred thousand users are reported to have signed up to bid going bring the total to over thirteen million but it's still quite hard to actually buy things with it a slew of trading platforms such as fancy dot com and fast tech dot com for everything from armchairs to ferrari's and watches but these are peer to peer sales platforms you won't be able to exchange your bitcoins for that flash b.m.w. in your local showroom but they can buy you some things. there are coffee bars that will only accept because like this one in prague you can book that perfect trip to
the multi-channel expedia with that comment and speculation is rife that amazon could soon accept because payment. with japan also recognizing bitcoins is legal tender it could be said that the crypto currency is future is looking good so if bitcoin doesn't actually crash it'll probably be only a question of time before the broader economy has to join the rush. we've got the pleasure of having our new york correspond again quarter in here on this side of the atlantic. thank you excited about bitcoin having i don't have any myself no but well it's pretty amazing if you follow the development you do have colleagues who have i do have two younger colleagues who actually just bought them about two weeks ago so being daring yes yes maybe more. can we trust because i don't know i would say they are established and i believe they do make sense and especially it's not that you want to buy stuff which
bitcoins but it also that you can avoid certain banking fees for instance and therefore i think they are justified and established but if people missed the boat is it would be a good time to jump in now when it's one record after the next timing is always difficult and you shouldn't forget it's very complex what happens with chains what happens with bitcoins warren buffett famously said not about bitcoins but in general you only should invest in something or at least was he does what you understand so do you understand understand because if you do if you believe in it well the sky's the limit for the central bank is. actually understand it. well the central bankers are very skeptical because bitcoins are still not really regulated so that's one concern that they're having and then you shouldn't forget who's behind central banks it's often your typical bank and a lot of banks are not too crazy about bitcoins because it's competition for them
so there is certain reason why there is some skepticism so where is the ceiling the reckon it's going to go through that ten thousand military soon and even further well that can happen any time and but the speed is quite amazing just at the beginning of the year we had good cause at about seven hundred now we are more or less at ten thousand so yet the sky's the limit to a nose where we are in this five thousand the right price fifteen thousand well it's still pretty young so nobody really knows what about the technology behind it the block chain is it really going to revolutionize international finance as so many say well the revolution in arise is a big word but in general yes i do believe that block chains are an important part of the automation of the financial industry and you already see that in so many parts that humans get replaced by technology by machines so you have blocks and it's an important part of the automation that's going on by the way not just in the financial industry in the energy industries and in many more it's called
a great to have you in person in studio with us thanks the world economy is growing faster than in years but not for long that's the o.e.c.d. report released today we'll talk about the results with the organizations chief economist a moment first a look at the figures. the company is one of globalization's winners they produce fans in germany china india and the us everywhere demand is climbing employees worldwide profit from it it's a trend that's been confirmed in a study by the organisation for economic co-operation and development or o.e.c.d. it states that people in industrial as well as developing countries profit from globalisation according to the study globalisation can bring down unemployment in many countries consumers like to spend money on products from around the world the o.e.c.d. estimates the global economy to grow by three point seven percent in the coming
year that zero point one percent more than in twenty seventeen according to the o.e.c.d. the us is the world's largest economy will grow considerably in twenty eighteen but the euro zone's growth will be slowing down at only two point one percent and that's mostly due to bragg's it and the unsolved debt crisis in southern europe japan's economy will grow by one point two percent according to the o.e.c.d. and china will grow by six point six percent and twenty eighteen. experts are predicting strong growth for export champion germany the number of positions for skilled workers is rising but refugees won't be able to fill that gap many of them remain unemployed the o.e.c.d. has suggested including more women in the workforce that's why children's daycare and kindergartens need to be built the o.e.c.d. is also calling for lower taxes and special tax breaks for working couples. it all
sounds great but let's talk to the o.e.c.d. days chief economist catherine mad who joins us from the group's paris headquarters we've got wind under the wings but with flying catherine what did you mean by that . right. what i mean is we've got twenty seven thousand looks very good in terms of growth that's the wind under the wings but you know we are flying low in the sense that we are not growing as fast as during the two decades prior to the financial crisis and a lot of expectations both for individuals about their prospects for their future as well as businesses thinking about should i invest they're thinking about those two decades and really are keying off those as to whether or not they should be profit internet we also lost fifteen percent of the g.d.p. per capita in the financial crisis so we have to fly higher in order to make good on expectations make up the gap and create signals for business to invest and if we
are flying low what are the obstacles we could run into we at risk of flying into stubborn governments private sector that doesn't want to join in well so the real issue in terms of flying low is if you're if you're heading into turbulence and that is a matter of financial turbulence we've got indebted countries many have taken on far both the consumers and i and the businesses have taken on a lot of debt over the last decade of course we have the public sector that we can worry about but actually the private sector indebtedness we think is larger but it's also even more important because it makes households and corporations vulnerable to interest rate increases and a changes in market sentiment now while employment rises wage wages and no rise when can people around the world working away expect
a change some sort of pave rights. well this is a puzzle that we we observe tightening labor markets and yet wage demands are actually not very not very robust i mean in germany for example very very robust economy the wage demands actually are quite modest and even even given the minimum wage increase that that the country had so this is a puzzle but we think one key ingredient is lack of productivity growth it's not growing very fast the productivity and wages are related to productivity growth because why would you hire another worker and pay them if if they were going to be super productive in the company now it troubles while that's been pointed out is britain and the break that uncertainty. economic growth there will continue to weaken. the warning bells are ringing but is the u.k. doing something about it well the u.k.
you know took a referendum that read a decision there's a lot of issues that have to be addressed in order to get to the deadline of the exit from from the european union in march twenty one thousand so that kind of uncertainty is weighing on economic activity in britain and then of course the longer term after the exit takes place there are a number of issues that have to be addressed then as well ok chief economist of the o.e.c.d. catherine man talking about the wind under our wings warning though that we flying low as far as global growth curves of looks like we're going to have another cup a couple good years but it could start tapering off thank you very much for being on the show today thank you. ok and nice having you along nice doing business with you as well i've been physical and i'll see you again very soon here on the docket .
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